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Bed Bath & Beyond (BBBY) down 10% after fiscal Q3 misses
Domestic merch retail chain Bed Bath & Beyond (BBBY) was trading 10% lower on Thursday after it failed to live up to expectations for both earnings and revenue in Q3.
Bed Bath & Beyond Inc. (BBBY) slumped 10% on Thursday after the retail store chain fell short of the Wall Street consensus on both earnings and revenue for fiscal Q3.
Before markets opened, Bed Bath & Beyond posted adjusted earnings per share of $0.08, which was 46% higher than a year ago but 11 cents below pre-report expectations.
Group revenues for the three months to 30th November 2020 also underwhelmed after falling 5% year over year to $2.62bn and missing forecasts by $130m ($2.75bn).
There were a few bright spots in the financial report, including a 77% spike in digital sales as customers turned to its online store in droves, while same-store sales also ticked 2% higher.
Bed Bath & Beyond said that a number of its product categories were popular amid the pandemic, with home organisation, bedding, bath and indoor decor among the bestsellers as Americans spent more time at home.
CEO Mark Tritton said in a statement that the company had overhauled its “digital-first, omni-always customer experience” to help those making purchases during the holiday season.
He added: “We are also seeing favorable market share trends in several of our key destination categories, including positive share gains over the past two months within the Bed category.”
However, the net loss of $75.44m was hard for investors to overlook on Thursday, as Bed Bath & Beyond said that net sales would fall in Q4 and same-store sales would be flat.
BBBY stock cratered 14% during the early morning on the Nasdaq before recovering slightly by midday.
At that time, Bed Bath & Beyond shares were down 9.84% for a new $18.96 price, though for the last six months, it remains up by around 78%.
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